Gold tumbles into the red for the day after the election of Donald Trump

Gold has gone negative for the day after spiking directly after the election of Donald Trump as the next US president.

The precious metal is now down roughly $1.50 an ounce as of 2:30 p.m. ET at $1,273 an ounce. This is well off the high of roughly $1,334 an ounce at roughly 12:00 a.m. ET.

Gold is generally seen as a safe haven for investors during uncertain market events, so while the price has settled overnight, it appears investors are still headed for safety.

The surge may not be over according to analysts from BMI Research.

"The victory of the Republicans at the November 8th US Presidential and Congress elections will buoy gold prices in the coming days while dragging on other commodities," said a note from BMI. "Looking longer term, this poses upside risks to our already bullish gold price forecast in 2017, but it does not materially change our views for other commodities."

In other markets, stocks are soaring while the Mexican peso is tanking against the dollar and other Mexican markets are in turmoil, both are indications that investors were caught wrong-footed in the lead up to the election.